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It is actually the "advanced" NAVCAD insignia. (The other one is worn after completion of AOCS and is a single gold bar with a fouled anchor). We wore it above our Left Breast Pocket.
I was an O-1C. We were paid 1/2 Ensign's pay, and E-5 Allowances. Had to live on base. Wore officer uniforms with Anchors instead of Rank insignia. We were "Cadets" as opposed to "Midshipmen".
We got commissioned the same day we got our wings. All our time counted, so when I got commissioned, I was an O-1 over 2 years for pay.