Is it possible to change F1 to H1 directly if there is an employment offer?

I am on F1 visa and have been approached by an organization with a job offer. I am in the first year of my MBA here and have not applied for CPT either. Can I still apply for H1 if I have this employment? If yes, suppose the H1 visa is not approved, will my F1 status get void? Currently, my F1 is good till may 2018 and my duration of course is two years (out of which, 6 months have been completed).