Ferguson, who also won the LMA's Premier League manager of the year award, said: "It has been overwhelming.
"In a way I am glad it is all over now - because it has been hard work!
"I think (West Brom manager) Steve Clarke should get an award because anyone who scores five against United deserves it.
"It has always placed a great emphasis on youth long before I came.
"Sir Matt Busby started that and took Manchester United into Europe, the first English club to do so.
"It's always been there and I have tried to maintain that though it is more difficult in the present climate - you have to scout abroad now but you are still looking for young people who can do well."