Rafik obtained his Bachelor of Commerce degree in 1980 from the University of Calgary and worked for Hudson's Bay Oil and Gas from 1980 to 1981. He then joined Deloitte Haskins and Sells (now Deloitte Touche) and worked there until 1983 on numerous audit and review engagements. Rafik also worked in the firm's tax department each spring. It was this interest in income tax that led Rafik to the Canadian Customs and Revenue Association (CCRA) from 1984 to 1989 where he worked in the Business Audit section. During that time, in 1987, Rafik obtained his CMA designation.
Upon leaving the CCRA, Rafik operated a public accounting practice with another partner. The practice involved audits, reviews and personal and corporate tax engagements. He had a very diverse clientele, which included professional corporations, small business corporations, condominium corporations, oil and gas corporations, retail and manufacturing companies, non-resident tax clients (individuals) etc. He assisted in the management of numerous JCP (Junior Capital Pool) companies before they went public and assisted clients with the computerization of their accounting functions.
In 1992, Rafik began teaching at Mount Royal in the Faculty of Continuing Education and Extension and in 1996 he began teaching for the Bissett School of Business as a part-time instructor. In September 2001, Rafik joined the faculty as a full-time tenure-track instructor. Rafik has also taught computer accounting and other software courses for the Faculty of Continuing Education at the University of Calgary and in 1993 and 1994, he marked exams for three courses for the Society of Management Accountants. Rafik has been nominated for the Mount Royal Teaching Excellence Award on two occasions. In 2002, he received the E- Award for Teaching Excellence presented by the Students' Association of Mount Royal. He also teaches, jointly with another instructor, an entrance exam preparation course leading to the CMA designation.