Víctor Urquidi, considered one of the most outstanding Mexican economists of the 20th century, earned a first degree in economics at the London School of Economics in 1940 and, in 1941, joined the economic studies department of the Banco de México (Mexico's central bank). He also worked at the federal Secretariat of Finance and Public Credit and for the Economic Commission for Latin America and the Caribbean (ECLAC). from 1949 to 1957 he was the editor of the journal El Trimestre Económico.
In 1964, Urquidi was one of the founders of the Centre for Economic and Demographic Studies of the Colegio de México, which enabled the creation of Mexico's first postgraduate course in economics. He served its rector from 1966 to 1985 and, in 1989, was named professor emeritus.
On 1 August 1960 he was elected to the National College, but resigned from it in 1968. He received the National Science and Arts Prize in 1977 and the National Demography Prize in 1994 for his research into Mexican migration to the United States.