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Graduate Computer Science students have the option of taking thesis or the capstone project course. Thesis allows students to work in research projects under the supervision of a faculty member. To find out more about the benefits of research, read here.
Thesis usually requires two semesters to complete. Since you will need to defend your proposal before the semester, you should start working on your thesis at least 2 months before the semester. Some students may also want to take an independent study course to prepare for the thesis proposal. Thus, in general, the earlier you plan your thesis the better. Ideally, students should start preparing for their thesis in the first semester of their graduate study.
If your future career goal is in the academic area, research is a must. Period. Even if you want to work in industry after your graduation, research, in the form of thesis, and to a lesser degree, capstone projects and independent studies, will provide invaluable experience for you. Regular lecture-type courses do not simulate a true working environment. Assignment specifications are well defined. Their scopes are limited and they tend to be 'quick and dirty,' to be thrown away after grading.
Another big advantage of research is the opportunity to interact deeply with a faculty member on a given subject. Much can be learnt through frequent and direct interaction with the supervisor, which is missing in regular courses. Many have argued that the apprentice system, where a student learns closely with the master, is one of the most effective way of learning. Thesis is closest to this system (though I do not claim to be a master in any way). Other benefits of research, especially thesis, are:
Mostly importantly, with enough dedication, research can be a lot of fun and excitement! (Most highly successful persons will tell you that the keen love of what you are doing is one key ingredient of a highly successful career. Even though a highly successful career may not be your number one priority, it is difficult to imagine spending eight hours every day in work that you do not truly enjoy. What is not obvious is that it is necessary to learn to love one's work, just like learning to appreciate art. Research is one great way to cultivate such enjoyment.) |
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If you are interested in thesis, the first thing to do is to identify the faculty member with the same areas of 
Why do you want to do research? Excerpted from Dr. Bun Yue, the following discussion of the benefits on research may interest you. 
In the real world, the higher your career level you are in, the less defined the problems (and opportunities) you will face. Frequently, high level (and high paid) jobs are about (1) identifying problems (and thus challenges and opportunities), and (2) solving problems (through research and experimentation). Regular courses are good at equipping students with basic knowledge of the subjects. They are however relatively passive and thus do not provide training and experiment in identifying problems and researching solutions. This is where research may be very helpful.