Sua posição oficial nunca é mencionada, seja na série de TV ou nas histórias canônicas de Doyle.
Essencialmente, na série de TV, ele é um solucionador de problemas para o establishment britânico que concede (ou assume) grandes poderes e habilidades.
De acordo com as histórias do Doyle, ele é referido por Sherlock da seguinte forma:
"He is the British Government – when he's not too busy being the British Secret Service or the CIA on a freelance basis."
A Study in Pink
Isso é muito parecido com a descrição do Doyle ...
"Practically he is the British government [...] the most indispensable man in the country." He apparently serves as a sort of human computer, as stated in "The Bruce-Partington Plans":
He has the tidiest and most orderly brain, with the greatest capacity for storing facts, of any man living. The same great powers which I have turned to the detection of crime he has used for this particular business. The conclusions of every department are passed to him, and he is the central exchange, the clearinghouse, which makes out the balance. All other men are specialists, but his specialism is omniscience. We will suppose that a minister needs information as to a point which involves the Navy, India, Canada and the bimetallic question; he could get his separate advices from various departments upon each, but only Mycroft can focus them all, and say offhand how each factor would affect the other. They began by using him as a short-cut, a convenience; now he has made himself an essential. In that great brain of his everything is pigeon-holed and can be handed out in an instant.
"Well, his position is unique. He has made it for himself. There has never been anything like it before, nor will be again
A. Conan Doyle - The Bruce-Partington Plans