No More H1B Visas Available for This year. Wait for One more year.
http://www.msinus.com/content/h1b-quota-reached-fy-2014-951/

USCIS announces that it received enough number of applications for H1B Quota 2014. After today, USCIS will not accept H-1B petitions subject to the FY 2014 cap or the advanced degree exemption.
H1B Quota Filled FY 2014

USCIS has received 20,000 application in Masters Quota and 65000 applications in General Quota. USCIS is not going to accept H1B Petitions anymore from Monday onwards. It has received required number of H1B Visa Petitions by Friday April 5th 2013.

Cap Type Cap Amount Cap Eligible Petitions Date of Last Count
H-1B Regular Cap 65,000 65000 + April 5th 2013
H-1B Master's Exemption 20,000 20000 + April 5th 2013

Computer Lottery Procedure

USCIS has reached the Cap by last Friday. More than 20,000 application in Advanced degree Quota and more than 65,000 petitions in Regular Cap. USCIS going to conduct Lottery for both categories in the next two weeks.

Initial Lottery will be conducted for 20,000 exempt cap. Petitions that not selected in this Lottery will be added to the 65,000 Quota and then the 2nd lottery will be conducted for this Quota.

USCIS will not announce lottery results immediately. When you receive the H1B Petition receipt, you will come to know that your petition is selected in Lottery. Lawyer/Employer will come to know the lottery result by the money deduction from bank account/check.

H1B Fee Return after Lottery: Incase if your H1B Petition is not selected in the Lottery, you employer will not be charged for the application fee. There will be full refund of the Petition fee.

MSinUS will keep updating masters students about H1B details and Alternative to H1b in curent situation.