Difference Between Z Visa and M/F type?

I have recently received an invitation from a Chinese company to be their first ever intern starting in January 2016 for the duration of 1 year. I am extremely excited but since I am their first ever intern, the visa process is confusing for both the company and myself. Several other source have told me that the Z type is near impossible to obtain because of my age and lack of Bachelors degree. The company and other sources have said there is a possible 10 year multi-entry permit for business or touring, that I believe would be the M/F type. I'm just to the point where I am running out of time and need some help ASAP.

A little bit more info about myself:
I am 22 years old
In the process of receiving my Bachelors Degree.

Thanks for the Help!