I'm working for a university and they have their own libraries and paths for python libraries. Every time I start ipython, I need to run a shell script (e.g. /etc/university/env.sh)
The problem is that emacs doesn't recognize the env.sh file. When I do py-shell, emacs always envokes Python WITHOUT any pre-set environment variables. 
Is there a way to make emacs run /etc/corporate/env.sh before starting python?
After running your /etc/university/env.sh, start Emacs from this shell.
Then the variables set before are known.
how to load shell environment variables when Emacs starts py-shell?