Update: The link below does not have a complete answer. Having to set the path or variable in two places (one for GUI and one for shell) is lame.
No
Just open the ~/.profile file, via nano in Terminal and type there :
export PATH=whatever/you/want:$PATH
Save this file (cmd+X and Y). After that please logout/login again or just open a new tab in Terminal and try use your new variable.
PLEASE DON'T forget to add ":$PATH" after whatever/you/want, otherwise you'll erase all paths in PATH variable, which were there before that.