Having graduated from Azerbaijan State National Economic Insinuate (current UNEC) in 1949, Farid Farajov was admitted to the post-graduate program at the Institute of Economics of USSR Academy of Sciences in Moscow. In 1953 he defended a candidacy dissertation on the topic of “Labour Productivity in USSR Agricultural Machine Building Industry” and received a degree of a candidate of economic sciences at the age of 25. Starting from the same year he held a position of junior associate and  later of a senior associate at the economic unit of Azerbaijan Academy of Sciences.  In between 1957 and 1976 he led the special economic subjects department at Baku Supreme Party School.  F. Farajov successfully defended his doctorate dissertation on the topic “Field structure of Azerbaijan Industry and its Improvement Problems” in 1974 and was conferred upon a scientific degree of a doctor of economic sciences and an academic degree of a professor by the USSR High Attestation Commission. 

In 1979 he was appointed as a director of Scientific Research Institute (current ESRI) and a member of a collegium of the State Planning Committee. From 1981 to 1993 he served as a deputy chair of the State Planning Committee which was followed by the position of a first deputy chair.  

He is the author of research works on the economy of industry, its development and sectoral structure, economic reforms, technical progress, impact of the quality of work on the efficiency of public production and problems of industrial management. He also wrote several monographs and books.

He passed away on April 19th  of 2000.