No. As far as I know, he sold insurance with his dad and then moved on to other jobs once his dad passed away. Licenciado comes from the word "Licenciatura", which can roughly translate to "Bachelor's degree".
Example: Tengo una licenciatura en Ciencas Políticas / I have a bachelor's degree in Political Science.
It doesn't make much sense when you try to translate "El Licenciado" to English. In Mexico, graduating from college means you are legally a "Licenciado" (unless you studied a technical field, which will make you an "Ingeniero").
"Licenciado" is very common in Mexico. However, whether or not people call you "Licenciado" really depends on the work environment you're in. For example, if you work in a multinational corporation where pretty much everyone has to have a bachelor's degree to work there, the title will rarely be used when referring to someone in a normal conversation. You will still see it in writing, especially in legal documents, but that's about it. Now, that's not to say that college-educated people will never refer to others as "Licenciado". In affluent circles, some college-educated people may sometimes refer to other college-educated (but prominent) people as "Licenciado". Examples can include distinguished lawyers or businessmen.
On the other hand, if you work in an environment where not everyone has a bachelor's degree, you may be frequently referred to as "Licenciado", especially if you hold a management position and/or when someone from a lower position speaks to you. It's important to keep in mind that most people in Mexico do not have a college degree, so going to college in Mexico already puts you in a select group. Some people don't realize this because they are surrounded by an environment of people with college degrees, but the reality is that most Mexicans don't have access to higher education, unlike the U.S. I grew up close to the U.S. so I don't like being called "Licenciado". I find it a bit tacky. But a lot of people think differently.
When someone has a Master's degree, they are referred to as "Maestro". There is a clear distinction in Mexico between "Profesor" and "Maestro". Technically speaking, a teacher who has a Master's degree is a "Maestro". If you have a Master's degree, you can write it as "Maestro Juan Meade" or as "Juan Meade, Maestro en X". (Update) A lot of teachers will call themselves "Maestro" when they're not technically one. So I've also seen people with Master's degree use "Magister" instead. Or use the English word "Máster" (with the accent) when referring to themselves or others with Master's degrees.