 During his playing career, Rakojević represented Sutjeska Nikšić for almost two decades, making over 250 appearances in the Yugoslav First and Second League combined.During his managerial career, Rakojević worked at numerous clubs, mainly in Montenegro and Serbia, but also in Bosnia and Herzegovina.After starting at his former club Sutjeska Nikšić, Rakojević was manager of Rudar Pljevlja, Hajduk Kula, Vrbas, Zeta (2001–2003), Borac Banja Luka (2003–04), Čukarički (2004–05), Budućnost Banatski Dvor (2005–06), Banat Zrenjanin (2006–07), Lovćen (2007–08), Sutjeska Nikšić (2008–2010), Budućnost Podgorica (Jun–Dec 2010), Sutjeska Nikšić (Jan–Apr 2011), Čelik Nikšić (2011), Rudar Pljevlja (2012–13) and Mladost Podgorica (Jun–Oct 2013).