Here is an excellent summary that gets to the heart of the matter:
Thesis Masters Program: -
Thesis students will conduct a large research project, which will likely involve several semesters of work. These students must write a thesis, which is a large document that is likely to be published. You will work with a professor to complete your research. The thesis option is for students who wish to get a background in intense research, such as students who are going to pursue a PhD. or students who will be conducting research.
There are certain points that I wish to highlight in Thesis option.
•It generally takes longer time (2+ years) to complete your Masters Degree.
•If you are interested in PhD, choosing a Thesis option would strengthen your profile for PhD.
•In terms of Job Search you can get it easily and you will mostly be involved in R&D.
Non-Thesis Masters Program: -
Non-thesis option is designed to be more flexible and is tailored for students who don’t necessarily need a great deal of research training. Non-Thesis involves classes that you need to attend and write an exam after completion of certain courses in your degree. It will have structured set of subjects that you can choose and write an exam to clear each subject. It also contains projects, but those are called mini-projects which you will encounter during your last semester. So students who are not interested in great deal of research and are interested in switching to professional career should take up Non-Thesis Masters Program.
In Simple words Non-Thesis Masters program is similar to what most of the students might have done in Under-Graduation. Every semester had a certain set of subjects and by clearing the exam for each subject you complete that subject. This is Non-Thesis.
There are certain points that I wish to highlight in Non-Thesis option.
•You can complete it in less than 2 years time.
•It will have a pre-defined syllabus.
•If you are not interested in research, go for Non-Thesis.
•You can finish your Masters within 2 years and start looking for jobs.