Hi Carl, I feel the best way to approach a Licentiate (presuming we're still talking about the BIPP) would be to think about going on one of their Portfolio Review days. You don't have to be a member to do this. You will need to take with you between 30 and 45 images on a memory stick, and anything else which might be supportive (such as tear sheets from published work etc). These days are incredibly useful - you'll have about 45 min of one-to-one time with one of the Fellows and they will give you a really good idea of where you stand, and which images would make a good submission. If your work is already very strong then it's not unheard of for your pictures to be put before some of the other Fellows on the day (if they're around) and to get the verdict then. It's always best to give them a ring at head office and have a chat first, in case the process has changed from last year.
For Licentiate, the judges are looking for images which are of merchantable quality, in other words photographs which no customer could reasonably reject. So you will have to demonstrate that you are in control of camera craft, lighting, composition, narrative and expression, posing and framing, and of course postproduction and printing. There is also a bit of an art involved in putting a coherent panel together and a number of considerations will need to be observed with respect to layout - this is where the judges will assess your visual balance capabilities. Whilst the 'L' sounds straightforward in theory, it's actually much harder to achieve than many people realise (despite what some of the contributors to this forum will tell you, most of whom have not done it themselves).
You don't need formal qualifications of any kind to be a successful photographer - as you know that simply depends upon providing imagery which is desirable to your clients, and very good customer service and business understanding. However virtually every photographer I have met who has achieved a distinction has agreed that the process will force you to examine every element of your image making, and in so doing you can't help but improve and move forward. In other words, the process you go through can be hugely beneficial, and it's that (rather than the letters you'll also earn) which has the most value. Failing your first couple of submissions is very common, but the people who keep coming back and trying again usually end up submitting some very striking bodies of work.
So often on Talkphotography I'll see contributors making statements such as "you just pay your money and you're in, and you'll get some phoney letters after your name". This is grossly misguided because you simply cannot attain any letters after your name unless you decide to put yourself through the rigours of the distinction process - often repeatedly, before hopefully being successful. It's a personal choice, and usually a very fruitful one.
One of the very best ways of getting an idea of what a good panel consists of, is to look at existing successful panels. With the RPS you can get tickets to go and sit in the audience an assessment days, and at the SWPP Convention panels are assessed on the Wednesday and Thursday - it's quite fascinating (next week actually, in London). Broadly speaking the qualifications have now been more or less standardised between all of the main institutions, and you will tend to see some of the same judges acting for more than one Institute. Here are some samples of very well structured Licentiate panels where the applicants have fully understood that the judges need to see a variety of skills:
http://www.swpp.co.uk/improving_your_photography/Beale9040/index.htm
http://www.swpp.co.uk/improving_your_photography/Connor101066/index.htm
http://www.swpp.co.uk/improving_your_photography/Christie108103/index.htm
http://www.swpp.co.uk/improving_your_photography/Donovan75942/index.htm
http://www.swpp.co.uk/improving_your_photography/Hopewell-Smith98732/index.htm
As far as the degree submission goes, you can also contact the OCA direct.