In the United States, the types of officer for the military are divided as follows:
Non-Commissioned Officer (E-4~E-9, but US Army Specialist (E-4) is not an NCO, nor is the Air Force/Space Force E4 (Senior Airman))
Warrant Officer (W1)
Chief Warrant Officer (W2~W5), who are actually commissioned
Commissioned Officer (O1-O11) (There are also paygrades O1E~O3E for those commissioned officers with more than four years prior Enlisted/Warrant service)
The Air Force and Space Force do not currently have Warrant Officers or Chief Warrant Officers, although the Air Force did historically. The non-military Uniformed Services, while authorized to have Warrant/Chief Warrant Officers do not have them either. The Navy recently restored Warrant Officer (W1) for one field (Cyber).
In the Navy and the Marine Corps, there are Limited Duty Officers (aka LDO) who are commissioned, but cannot command a unit unless it is connected with their designator (specialty). Also for the Navy and Marines, neither Warrant/Chief Warrant nor LDO is required to have a college degree; however, one would likely not be ver competitive for that position without such.
What is the advantage of this system? As a former US Army Specialist (SPC5) and then Sergeant, and finally a retired USN Petty Officer First Class, I see some advantage and disadvantages. One of the disadvantages I see is, IMHO, the stupidity of having some E-4 as NCO and others as not. To me that is ridiculous. Evidently the Navy and Marines agree with me on that and the Air Force came around to that way of thinking around 1992 and decided that NCO would be E5~E9. I think a few posters have mentioned that one disadvantage may be the senior ranking person (the commissioned officer) would have less experience than the junior ranking person (the NCO). To me that is not actually a disadvantage.
The advantages are that the NCO is a leader for a smaller group of people and for a narrower scope than the CO. The WO/CWO is more of a technician than the NCO and is thus more valuable. Another advantage is that the commissioned officer is responsible for more of “the big picture”. Think of it as they’re the strategist while the NCO is the tactician. The commissioned offier will take the tasking from their immediate superior in command and then entrust the NCO with how to get that tasking done. Of course, the world being what it is and any large organization operates mostly on paperwork and more paperwork, from the lowest ranking NCO to the highest ranking commissioned officer, there will be reports, reports, and more reports. The key differences between the reports done by NCOs and commissioned offiers are the type and scope of those reports.
The authority an NCO has is derived from Congress just as the authority a commissioned officer ultimately has is also derived from Congress, as in being set in law. The source of entry into those ranks is different though. A junior enlisted member can still be prosecuted and incarcerated or discharged from the military for disrespect and/or disobedience to an NCO senior to that member.
I think I covered it all there. Feel free to ask questions for something I was not clear about or did not cover.