We use the bulge Sérsic index n and bulge-to-total ratio (B/T ) to explore the fundamental question of how bulges form. We perform 2D bulge-disk-bar decomposition on H-band images of 143 bright, high mass (M ⋆ ≥ 1.0 × 10 10 M ⊙ ) low-to-moderately inclined (i < 70 • ) spirals. Our results are: (1) Our H-band bar fraction (∼ 58%) is consistent with that from ellipse fits. (5) We compare the results with predictions from a set of ΛCDM models. In the models, a high mass spiral can have a bulge with a present-day low B/T ≤ 0.2 only if it did not undergo a major merger since z ≤ 2. The predicted fraction (∼ 1.6%) of high mass spirals, which have undergone a major merger since z ≤ 4 and host a bulge with a present-day low B/T ≤ 0.2, is a factor of over thirty smaller than the observed fraction (∼ 66%) of high mass spirals with B/T ≤ 0.2. Thus, contrary to common perception, bulges built via major mergers since z ≤ 4 seriously fail to account for the bulges present in ∼ 66% of high mass spirals. Most of these present-day low B/T ≤ 0.2 bulges are likely to have been built by a combination of minor mergers and/or secular processes since z ≤ 4.