Cardiff City's Malky Mackay was named Championship Manager of the Year for leading his side to the first-ever promotion to the EPL, while Gary Johnson of Yeovil Town was honoured as League One Manager of the Year, at the LMA awards dinner yesterday.
Gillingham's Martin Allen won the League Two manager's award.
"In a way I am glad it is all over now because it has been hard work," said Ferguson.
The 71-year-old, who won 38 trophies in the 26-year reign at Old Trafford, will be succeeded by Everton's David Moyes, who takes over on July 1.
"It has been overwhelming," said Ferguson. "The club has been fantastic and congratulations to West Brom with the way they handled yesterday (Sunday)."
"I think (West Brom manager) Steve Clarke should get an award because anyone who scores five against United deserves it."
LMA chairman Howard Wilkinson said, "Finding words to adequately describe the monumental levels of achievement and the indelible legacy Sir Alex Ferguson leaves in the game is nigh on impossible. This evening's award adds yet another record to that list, making him the only person to secure the much-coveted LMA Manager of the Year Award for a fourth time.
