diff --git a/pandas/_libs/exceptions.pyx b/pandas/_libs/exceptions.pyx
new file mode 100644
index 0000000000000..03d2c85785c65
--- /dev/null
+++ b/pandas/_libs/exceptions.pyx
@@ -0,0 +1,27 @@
+import inspect
+import os
+
+
+cpdef int find_stack_level():
+    """
+    Find the first place in the stack that is not inside pandas
+    (tests notwithstanding).
+    """
+    cdef:
+        int n
+        str pkg_dir, test_dir, fname
+
+    pkg_dir = os.path.dirname(os.path.dirname(__file__))
+    test_dir = os.path.join(pkg_dir, "tests")
+
+    # https://stackoverflow.com/questions/17407119/python-inspect-stack-is-slow
+    frame = inspect.currentframe()
+    n = 1
+    while frame:
+        fname = inspect.getfile(frame)
+        if fname.startswith(pkg_dir) and not fname.startswith(test_dir):
+            frame = frame.f_back
+            n += 1
+        else:
+            break
+    return n
diff --git a/pandas/_libs/interval.pyx b/pandas/_libs/interval.pyx
index ec1dbff6903e7..eb71a3dfe7187 100644
--- a/pandas/_libs/interval.pyx
+++ b/pandas/_libs/interval.pyx
@@ -9,7 +9,7 @@ from cpython.datetime cimport (
     import_datetime,
 )
 
-from pandas.util._exceptions import find_stack_level
+from pandas._libs.exceptions import find_stack_level
 
 import_datetime()
 
diff --git a/pandas/_testing/asserters.py b/pandas/_testing/asserters.py
index c7924dc451752..573875e211f48 100644
--- a/pandas/_testing/asserters.py
+++ b/pandas/_testing/asserters.py
@@ -8,6 +8,7 @@
 
 import numpy as np
 
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.lib import (
     NoDefault,
     no_default,
@@ -15,7 +16,6 @@
 from pandas._libs.missing import is_matching_na
 from pandas._libs.sparse import SparseIndex
 import pandas._libs.testing as _testing
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.common import (
     is_bool,
diff --git a/pandas/core/accessor.py b/pandas/core/accessor.py
index 07fa5799fe371..0d2508f1a491b 100644
--- a/pandas/core/accessor.py
+++ b/pandas/core/accessor.py
@@ -8,8 +8,8 @@
 
 import warnings
 
+from pandas._libs.exceptions import find_stack_level
 from pandas.util._decorators import doc
-from pandas.util._exceptions import find_stack_level
 
 
 class DirNamesMixin:
diff --git a/pandas/core/algorithms.py b/pandas/core/algorithms.py
index 159c0bb2e72c0..1343a043ec2b5 100644
--- a/pandas/core/algorithms.py
+++ b/pandas/core/algorithms.py
@@ -25,6 +25,7 @@
     iNaT,
     lib,
 )
+from pandas._libs.exceptions import find_stack_level
 from pandas._typing import (
     AnyArrayLike,
     ArrayLike,
@@ -34,7 +35,6 @@
     npt,
 )
 from pandas.util._decorators import doc
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.cast import (
     construct_1d_object_array_from_listlike,
diff --git a/pandas/core/apply.py b/pandas/core/apply.py
index 18a0f9b7aa2ce..857eedf47b7a1 100644
--- a/pandas/core/apply.py
+++ b/pandas/core/apply.py
@@ -25,6 +25,7 @@
 from pandas._config import option_context
 
 from pandas._libs import lib
+from pandas._libs.exceptions import find_stack_level
 from pandas._typing import (
     AggFuncType,
     AggFuncTypeBase,
@@ -39,7 +40,6 @@
     SpecificationError,
 )
 from pandas.util._decorators import cache_readonly
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.cast import is_nested_object
 from pandas.core.dtypes.common import (
diff --git a/pandas/core/arraylike.py b/pandas/core/arraylike.py
index 280a599de84ed..40f97ab2ff0e6 100644
--- a/pandas/core/arraylike.py
+++ b/pandas/core/arraylike.py
@@ -13,8 +13,8 @@
 import numpy as np
 
 from pandas._libs import lib
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.ops_dispatch import maybe_dispatch_ufunc_to_dunder_op
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.generic import ABCNDFrame
 
diff --git a/pandas/core/arrays/arrow/_arrow_utils.py b/pandas/core/arrays/arrow/_arrow_utils.py
index c9666de9f892d..5db5f78713185 100644
--- a/pandas/core/arrays/arrow/_arrow_utils.py
+++ b/pandas/core/arrays/arrow/_arrow_utils.py
@@ -6,10 +6,10 @@
 import numpy as np
 import pyarrow
 
+from pandas._libs.exceptions import find_stack_level
 from pandas._typing import IntervalInclusiveType
 from pandas.errors import PerformanceWarning
 from pandas.util._decorators import deprecate_kwarg
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.arrays.interval import VALID_INCLUSIVE
 
diff --git a/pandas/core/arrays/base.py b/pandas/core/arrays/base.py
index 6c9b7adadb7b0..a52eab5a790b6 100644
--- a/pandas/core/arrays/base.py
+++ b/pandas/core/arrays/base.py
@@ -27,6 +27,7 @@
 import numpy as np
 
 from pandas._libs import lib
+from pandas._libs.exceptions import find_stack_level
 from pandas._typing import (
     ArrayLike,
     AstypeArg,
@@ -48,7 +49,6 @@
     cache_readonly,
     deprecate_nonkeyword_arguments,
 )
-from pandas.util._exceptions import find_stack_level
 from pandas.util._validators import (
     validate_bool_kwarg,
     validate_fillna_kwargs,
diff --git a/pandas/core/arrays/categorical.py b/pandas/core/arrays/categorical.py
index 2c3b7c2f2589d..2748656e8a964 100644
--- a/pandas/core/arrays/categorical.py
+++ b/pandas/core/arrays/categorical.py
@@ -30,6 +30,7 @@
     lib,
 )
 from pandas._libs.arrays import NDArrayBacked
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.lib import (
     NoDefault,
     no_default,
@@ -49,7 +50,6 @@
     deprecate_kwarg,
     deprecate_nonkeyword_arguments,
 )
-from pandas.util._exceptions import find_stack_level
 from pandas.util._validators import validate_bool_kwarg
 
 from pandas.core.dtypes.cast import coerce_indexer_dtype
diff --git a/pandas/core/arrays/datetimelike.py b/pandas/core/arrays/datetimelike.py
index 11c236836e791..9fb0cc18be1f4 100644
--- a/pandas/core/arrays/datetimelike.py
+++ b/pandas/core/arrays/datetimelike.py
@@ -26,6 +26,7 @@
     lib,
 )
 from pandas._libs.arrays import NDArrayBacked
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.tslibs import (
     BaseOffset,
     IncompatibleFrequency,
@@ -71,7 +72,6 @@
     Substitution,
     cache_readonly,
 )
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.common import (
     is_all_strings,
diff --git a/pandas/core/arrays/datetimes.py b/pandas/core/arrays/datetimes.py
index ffd093b86582c..7a7fe473d84cd 100644
--- a/pandas/core/arrays/datetimes.py
+++ b/pandas/core/arrays/datetimes.py
@@ -19,6 +19,7 @@
     lib,
     tslib,
 )
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.tslibs import (
     BaseOffset,
     NaT,
@@ -44,7 +45,6 @@
     OutOfBoundsDatetime,
     PerformanceWarning,
 )
-from pandas.util._exceptions import find_stack_level
 from pandas.util._validators import validate_inclusive
 
 from pandas.core.dtypes.astype import astype_dt64_to_dt64tz
diff --git a/pandas/core/arrays/interval.py b/pandas/core/arrays/interval.py
index e7198a95c07f1..1bda1fc122518 100644
--- a/pandas/core/arrays/interval.py
+++ b/pandas/core/arrays/interval.py
@@ -22,6 +22,7 @@
 from pandas._config import get_option
 
 from pandas._libs import lib
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.interval import (
     VALID_INCLUSIVE,
     Interval,
@@ -46,7 +47,6 @@
     deprecate_kwarg,
     deprecate_nonkeyword_arguments,
 )
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.cast import LossySetitemError
 from pandas.core.dtypes.common import (
diff --git a/pandas/core/arrays/sparse/array.py b/pandas/core/arrays/sparse/array.py
index f946f881311c1..8afbe8f7eb74a 100644
--- a/pandas/core/arrays/sparse/array.py
+++ b/pandas/core/arrays/sparse/array.py
@@ -21,6 +21,7 @@
 import numpy as np
 
 from pandas._libs import lib
+from pandas._libs.exceptions import find_stack_level
 import pandas._libs.sparse as splib
 from pandas._libs.sparse import (
     BlockIndex,
@@ -41,7 +42,6 @@
 )
 from pandas.compat.numpy import function as nv
 from pandas.errors import PerformanceWarning
-from pandas.util._exceptions import find_stack_level
 from pandas.util._validators import (
     validate_bool_kwarg,
     validate_insert_loc,
diff --git a/pandas/core/arrays/sparse/dtype.py b/pandas/core/arrays/sparse/dtype.py
index eaed6257736ba..e1681110a83e5 100644
--- a/pandas/core/arrays/sparse/dtype.py
+++ b/pandas/core/arrays/sparse/dtype.py
@@ -10,13 +10,13 @@
 
 import numpy as np
 
+from pandas._libs.exceptions import find_stack_level
 from pandas._typing import (
     Dtype,
     DtypeObj,
     type_t,
 )
 from pandas.errors import PerformanceWarning
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.astype import astype_nansafe
 from pandas.core.dtypes.base import (
diff --git a/pandas/core/base.py b/pandas/core/base.py
index f7e6c4434da32..e001584499416 100644
--- a/pandas/core/base.py
+++ b/pandas/core/base.py
@@ -20,6 +20,7 @@
 
 import numpy as np
 
+from pandas._libs.exceptions import find_stack_level
 import pandas._libs.lib as lib
 from pandas._typing import (
     ArrayLike,
@@ -36,7 +37,6 @@
     cache_readonly,
     doc,
 )
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.common import (
     is_categorical_dtype,
diff --git a/pandas/core/common.py b/pandas/core/common.py
index 980e7a79414ba..a9fa5d0b6a486 100644
--- a/pandas/core/common.py
+++ b/pandas/core/common.py
@@ -30,6 +30,7 @@
 import numpy as np
 
 from pandas._libs import lib
+from pandas._libs.exceptions import find_stack_level
 from pandas._typing import (
     AnyArrayLike,
     ArrayLike,
@@ -37,7 +38,6 @@
     RandomState,
     T,
 )
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.cast import construct_1d_object_array_from_listlike
 from pandas.core.dtypes.common import (
diff --git a/pandas/core/computation/align.py b/pandas/core/computation/align.py
index 2e7a0f842ee6d..d7ad07bfcdb8a 100644
--- a/pandas/core/computation/align.py
+++ b/pandas/core/computation/align.py
@@ -16,8 +16,8 @@
 
 import numpy as np
 
+from pandas._libs.exceptions import find_stack_level
 from pandas.errors import PerformanceWarning
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.generic import (
     ABCDataFrame,
diff --git a/pandas/core/computation/eval.py b/pandas/core/computation/eval.py
index 1892069f78edd..9c2552b400f71 100644
--- a/pandas/core/computation/eval.py
+++ b/pandas/core/computation/eval.py
@@ -6,8 +6,8 @@
 import tokenize
 import warnings
 
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.lib import no_default
-from pandas.util._exceptions import find_stack_level
 from pandas.util._validators import validate_bool_kwarg
 
 from pandas.core.computation.engines import ENGINES
diff --git a/pandas/core/config_init.py b/pandas/core/config_init.py
index 8c1a3fece255e..c00f31135195a 100644
--- a/pandas/core/config_init.py
+++ b/pandas/core/config_init.py
@@ -27,7 +27,7 @@
     is_text,
 )
 
-from pandas.util._exceptions import find_stack_level
+from pandas._libs.exceptions import find_stack_level
 
 # compute
 
diff --git a/pandas/core/construction.py b/pandas/core/construction.py
index 4b63d492ec1dd..0ac4117c161af 100644
--- a/pandas/core/construction.py
+++ b/pandas/core/construction.py
@@ -21,6 +21,7 @@
 import numpy.ma as ma
 
 from pandas._libs import lib
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.tslibs.period import Period
 from pandas._typing import (
     AnyArrayLike,
@@ -30,7 +31,6 @@
     T,
 )
 from pandas.errors import IntCastingNaNError
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.base import (
     ExtensionDtype,
diff --git a/pandas/core/describe.py b/pandas/core/describe.py
index c70dbe0b8b0b1..5cf2d6351ca2e 100644
--- a/pandas/core/describe.py
+++ b/pandas/core/describe.py
@@ -21,12 +21,12 @@
 
 import numpy as np
 
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.tslibs import Timestamp
 from pandas._typing import (
     NDFrameT,
     npt,
 )
-from pandas.util._exceptions import find_stack_level
 from pandas.util._validators import validate_percentile
 
 from pandas.core.dtypes.common import (
diff --git a/pandas/core/dtypes/astype.py b/pandas/core/dtypes/astype.py
index 7fb58468746a8..bee34a0171df7 100644
--- a/pandas/core/dtypes/astype.py
+++ b/pandas/core/dtypes/astype.py
@@ -15,6 +15,7 @@
 import numpy as np
 
 from pandas._libs import lib
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.tslibs import is_unitless
 from pandas._libs.tslibs.timedeltas import array_to_timedelta64
 from pandas._typing import (
@@ -23,7 +24,6 @@
     IgnoreRaise,
 )
 from pandas.errors import IntCastingNaNError
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.common import (
     is_datetime64_dtype,
diff --git a/pandas/core/dtypes/cast.py b/pandas/core/dtypes/cast.py
index 769656d1c4755..d075c4ce24341 100644
--- a/pandas/core/dtypes/cast.py
+++ b/pandas/core/dtypes/cast.py
@@ -24,6 +24,7 @@
 import numpy as np
 
 from pandas._libs import lib
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.tslibs import (
     NaT,
     OutOfBoundsDatetime,
@@ -40,7 +41,6 @@
     Scalar,
 )
 from pandas.errors import IntCastingNaNError
-from pandas.util._exceptions import find_stack_level
 from pandas.util._validators import validate_bool_kwarg
 
 from pandas.core.dtypes.astype import astype_nansafe
diff --git a/pandas/core/dtypes/common.py b/pandas/core/dtypes/common.py
index c10461b2fc7f8..6e672b8c90a9f 100644
--- a/pandas/core/dtypes/common.py
+++ b/pandas/core/dtypes/common.py
@@ -17,12 +17,12 @@
     algos,
     lib,
 )
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.tslibs import conversion
 from pandas._typing import (
     ArrayLike,
     DtypeObj,
 )
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.base import _registry as registry
 from pandas.core.dtypes.dtypes import (
diff --git a/pandas/core/dtypes/concat.py b/pandas/core/dtypes/concat.py
index 059df4009e2f6..1f408ccd6eeb5 100644
--- a/pandas/core/dtypes/concat.py
+++ b/pandas/core/dtypes/concat.py
@@ -11,11 +11,11 @@
 
 import numpy as np
 
+from pandas._libs.exceptions import find_stack_level
 from pandas._typing import (
     ArrayLike,
     DtypeObj,
 )
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.astype import astype_array
 from pandas.core.dtypes.cast import (
diff --git a/pandas/core/dtypes/dtypes.py b/pandas/core/dtypes/dtypes.py
index 99b2082d409a9..62c66b4ec200a 100644
--- a/pandas/core/dtypes/dtypes.py
+++ b/pandas/core/dtypes/dtypes.py
@@ -19,6 +19,7 @@
     lib,
     missing as libmissing,
 )
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.interval import (
     Interval,
     _warning_interval,
@@ -43,7 +44,6 @@
     npt,
     type_t,
 )
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.base import (
     ExtensionDtype,
diff --git a/pandas/core/dtypes/inference.py b/pandas/core/dtypes/inference.py
index 893e4a9be58ef..75b148b0e6046 100644
--- a/pandas/core/dtypes/inference.py
+++ b/pandas/core/dtypes/inference.py
@@ -11,8 +11,8 @@
 import numpy as np
 
 from pandas._libs import lib
+from pandas._libs.exceptions import find_stack_level
 from pandas._typing import ArrayLike
-from pandas.util._exceptions import find_stack_level
 
 is_bool = lib.is_bool
 
diff --git a/pandas/core/frame.py b/pandas/core/frame.py
index 338a8ff16e54e..5680265c838ec 100644
--- a/pandas/core/frame.py
+++ b/pandas/core/frame.py
@@ -41,6 +41,7 @@
     lib,
     properties,
 )
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.hashtable import duplicated
 from pandas._libs.lib import (
     NoDefault,
@@ -89,7 +90,6 @@
     doc,
     rewrite_axis_style_signature,
 )
-from pandas.util._exceptions import find_stack_level
 from pandas.util._validators import (
     validate_ascending,
     validate_axis_style_args,
diff --git a/pandas/core/generic.py b/pandas/core/generic.py
index a033b7a3f83d7..b8ec2fe1acbe8 100644
--- a/pandas/core/generic.py
+++ b/pandas/core/generic.py
@@ -31,6 +31,7 @@
 from pandas._config import config
 
 from pandas._libs import lib
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.tslibs import (
     Period,
     Tick,
@@ -81,7 +82,6 @@
     doc,
     rewrite_axis_style_signature,
 )
-from pandas.util._exceptions import find_stack_level
 from pandas.util._validators import (
     validate_ascending,
     validate_bool_kwarg,
diff --git a/pandas/core/groupby/generic.py b/pandas/core/groupby/generic.py
index 9e26598d85e74..eca9476d6f303 100644
--- a/pandas/core/groupby/generic.py
+++ b/pandas/core/groupby/generic.py
@@ -31,6 +31,7 @@
     lib,
     reduction as libreduction,
 )
+from pandas._libs.exceptions import find_stack_level
 from pandas._typing import (
     ArrayLike,
     Manager,
@@ -43,7 +44,6 @@
     Substitution,
     doc,
 )
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.common import (
     ensure_int64,
diff --git a/pandas/core/groupby/groupby.py b/pandas/core/groupby/groupby.py
index 28e1b2b388035..6683d2facaf53 100644
--- a/pandas/core/groupby/groupby.py
+++ b/pandas/core/groupby/groupby.py
@@ -42,6 +42,7 @@ class providing the base-class of operations.
     Timestamp,
     lib,
 )
+from pandas._libs.exceptions import find_stack_level
 import pandas._libs.groupby as libgroupby
 from pandas._typing import (
     ArrayLike,
@@ -64,7 +65,6 @@ class providing the base-class of operations.
     cache_readonly,
     doc,
 )
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.cast import ensure_dtype_can_hold_na
 from pandas.core.dtypes.common import (
diff --git a/pandas/core/groupby/grouper.py b/pandas/core/groupby/grouper.py
index b9f4166b475ca..1ef1a2e4aabd1 100644
--- a/pandas/core/groupby/grouper.py
+++ b/pandas/core/groupby/grouper.py
@@ -14,6 +14,7 @@
 
 import numpy as np
 
+from pandas._libs.exceptions import find_stack_level
 from pandas._typing import (
     ArrayLike,
     NDFrameT,
@@ -21,7 +22,6 @@
 )
 from pandas.errors import InvalidIndexError
 from pandas.util._decorators import cache_readonly
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.cast import sanitize_to_nanoseconds
 from pandas.core.dtypes.common import (
diff --git a/pandas/core/index.py b/pandas/core/index.py
index 19e9c6b27e4e7..69b4a3fb9ef63 100644
--- a/pandas/core/index.py
+++ b/pandas/core/index.py
@@ -3,7 +3,7 @@
 
 import warnings
 
-from pandas.util._exceptions import find_stack_level
+from pandas._libs.exceptions import find_stack_level
 
 from pandas.core.indexes.api import (  # noqa:F401
     CategoricalIndex,
diff --git a/pandas/core/indexers/utils.py b/pandas/core/indexers/utils.py
index 0f3cdc4195c85..041b5dcead029 100644
--- a/pandas/core/indexers/utils.py
+++ b/pandas/core/indexers/utils.py
@@ -11,8 +11,8 @@
 
 import numpy as np
 
+from pandas._libs.exceptions import find_stack_level
 from pandas._typing import AnyArrayLike
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.common import (
     is_array_like,
diff --git a/pandas/core/indexes/accessors.py b/pandas/core/indexes/accessors.py
index 46959aa5cd3e2..2742bfba997d7 100644
--- a/pandas/core/indexes/accessors.py
+++ b/pandas/core/indexes/accessors.py
@@ -8,7 +8,7 @@
 
 import numpy as np
 
-from pandas.util._exceptions import find_stack_level
+from pandas._libs.exceptions import find_stack_level
 
 from pandas.core.dtypes.common import (
     is_categorical_dtype,
diff --git a/pandas/core/indexes/base.py b/pandas/core/indexes/base.py
index 26b833f78bec6..6fd892241ffc4 100644
--- a/pandas/core/indexes/base.py
+++ b/pandas/core/indexes/base.py
@@ -30,6 +30,7 @@
     index as libindex,
     lib,
 )
+from pandas._libs.exceptions import find_stack_level
 import pandas._libs.join as libjoin
 from pandas._libs.lib import (
     is_datetime_array,
@@ -65,10 +66,7 @@
     deprecate_nonkeyword_arguments,
     doc,
 )
-from pandas.util._exceptions import (
-    find_stack_level,
-    rewrite_exception,
-)
+from pandas.util._exceptions import rewrite_exception
 
 from pandas.core.dtypes.astype import astype_nansafe
 from pandas.core.dtypes.cast import (
diff --git a/pandas/core/indexes/category.py b/pandas/core/indexes/category.py
index c1ae3cb1b16ea..14fc1fdb9eaa4 100644
--- a/pandas/core/indexes/category.py
+++ b/pandas/core/indexes/category.py
@@ -9,6 +9,7 @@
 import numpy as np
 
 from pandas._libs import index as libindex
+from pandas._libs.exceptions import find_stack_level
 from pandas._typing import (
     Dtype,
     DtypeObj,
@@ -18,7 +19,6 @@
     cache_readonly,
     doc,
 )
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.common import (
     is_categorical_dtype,
diff --git a/pandas/core/indexes/datetimelike.py b/pandas/core/indexes/datetimelike.py
index 8014d010afc1b..be051f2bfa1d1 100644
--- a/pandas/core/indexes/datetimelike.py
+++ b/pandas/core/indexes/datetimelike.py
@@ -22,6 +22,7 @@
     Timedelta,
     lib,
 )
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.tslibs import (
     BaseOffset,
     Resolution,
@@ -35,7 +36,6 @@
     cache_readonly,
     doc,
 )
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.common import (
     is_categorical_dtype,
diff --git a/pandas/core/indexes/datetimes.py b/pandas/core/indexes/datetimes.py
index 30c770f32c2dc..1f136484945d4 100644
--- a/pandas/core/indexes/datetimes.py
+++ b/pandas/core/indexes/datetimes.py
@@ -24,6 +24,7 @@
     index as libindex,
     lib,
 )
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.tslibs import (
     BaseOffset,
     Resolution,
@@ -44,7 +45,6 @@
     cache_readonly,
     doc,
 )
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.common import (
     is_datetime64_dtype,
diff --git a/pandas/core/indexes/interval.py b/pandas/core/indexes/interval.py
index 23f2e724e208c..2044b765ee2c0 100644
--- a/pandas/core/indexes/interval.py
+++ b/pandas/core/indexes/interval.py
@@ -16,6 +16,7 @@
 import numpy as np
 
 from pandas._libs import lib
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.interval import (
     Interval,
     IntervalMixin,
@@ -39,10 +40,7 @@
     cache_readonly,
     deprecate_kwarg,
 )
-from pandas.util._exceptions import (
-    find_stack_level,
-    rewrite_exception,
-)
+from pandas.util._exceptions import rewrite_exception
 
 from pandas.core.dtypes.cast import (
     find_common_type,
diff --git a/pandas/core/indexes/multi.py b/pandas/core/indexes/multi.py
index 60f727f54b621..7e97364919549 100644
--- a/pandas/core/indexes/multi.py
+++ b/pandas/core/indexes/multi.py
@@ -26,6 +26,7 @@
     index as libindex,
     lib,
 )
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.hashtable import duplicated
 from pandas._typing import (
     AnyArrayLike,
@@ -47,7 +48,6 @@
     deprecate_nonkeyword_arguments,
     doc,
 )
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.cast import coerce_indexer_dtype
 from pandas.core.dtypes.common import (
diff --git a/pandas/core/indexes/numeric.py b/pandas/core/indexes/numeric.py
index a597bea0eb724..3861202456f96 100644
--- a/pandas/core/indexes/numeric.py
+++ b/pandas/core/indexes/numeric.py
@@ -12,6 +12,7 @@
     index as libindex,
     lib,
 )
+from pandas._libs.exceptions import find_stack_level
 from pandas._typing import (
     Dtype,
     npt,
@@ -20,7 +21,6 @@
     cache_readonly,
     doc,
 )
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.common import (
     is_dtype_equal,
diff --git a/pandas/core/indexes/period.py b/pandas/core/indexes/period.py
index c034d9416eae7..0e7d00c99e030 100644
--- a/pandas/core/indexes/period.py
+++ b/pandas/core/indexes/period.py
@@ -13,6 +13,7 @@
     index as libindex,
     lib,
 )
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.tslibs import (
     BaseOffset,
     NaT,
@@ -29,7 +30,6 @@
     cache_readonly,
     doc,
 )
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.common import (
     is_datetime64_any_dtype,
diff --git a/pandas/core/indexes/range.py b/pandas/core/indexes/range.py
index 376c98b6e176f..24ba0ed561056 100644
--- a/pandas/core/indexes/range.py
+++ b/pandas/core/indexes/range.py
@@ -21,6 +21,7 @@
     lib,
 )
 from pandas._libs.algos import unique_deltas
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.lib import no_default
 from pandas._typing import (
     Dtype,
@@ -31,7 +32,6 @@
     cache_readonly,
     doc,
 )
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.common import (
     ensure_platform_int,
diff --git a/pandas/core/indexing.py b/pandas/core/indexing.py
index fa1ad7ce3c874..6e7a7136b9657 100644
--- a/pandas/core/indexing.py
+++ b/pandas/core/indexing.py
@@ -13,6 +13,7 @@
 
 import numpy as np
 
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.indexing import NDFrameIndexerBase
 from pandas._libs.lib import item_from_zerodim
 from pandas.errors import (
@@ -21,7 +22,6 @@
     InvalidIndexError,
 )
 from pandas.util._decorators import doc
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.cast import (
     can_hold_element,
diff --git a/pandas/core/internals/__init__.py b/pandas/core/internals/__init__.py
index ea69b567611e4..8ca628761699c 100644
--- a/pandas/core/internals/__init__.py
+++ b/pandas/core/internals/__init__.py
@@ -43,7 +43,7 @@
 def __getattr__(name: str):
     import warnings
 
-    from pandas.util._exceptions import find_stack_level
+    from pandas._libs.exceptions import find_stack_level
 
     if name == "CategoricalBlock":
         warnings.warn(
diff --git a/pandas/core/internals/blocks.py b/pandas/core/internals/blocks.py
index df327716970f1..046eb28abdb10 100644
--- a/pandas/core/internals/blocks.py
+++ b/pandas/core/internals/blocks.py
@@ -21,6 +21,7 @@
     lib,
     writers,
 )
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.internals import BlockPlacement
 from pandas._libs.tslibs import IncompatibleFrequency
 from pandas._typing import (
@@ -33,7 +34,6 @@
 )
 from pandas.errors import AbstractMethodError
 from pandas.util._decorators import cache_readonly
-from pandas.util._exceptions import find_stack_level
 from pandas.util._validators import validate_bool_kwarg
 
 from pandas.core.dtypes.astype import astype_array_safe
diff --git a/pandas/core/internals/construction.py b/pandas/core/internals/construction.py
index c1d0ab730fe7e..cb0109dab410c 100644
--- a/pandas/core/internals/construction.py
+++ b/pandas/core/internals/construction.py
@@ -18,12 +18,12 @@
 import numpy.ma as ma
 
 from pandas._libs import lib
+from pandas._libs.exceptions import find_stack_level
 from pandas._typing import (
     ArrayLike,
     DtypeObj,
     Manager,
 )
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.cast import (
     construct_1d_arraylike_from_scalar,
diff --git a/pandas/core/internals/managers.py b/pandas/core/internals/managers.py
index 435992f7d5cff..6abc626b51902 100644
--- a/pandas/core/internals/managers.py
+++ b/pandas/core/internals/managers.py
@@ -19,6 +19,7 @@
     internals as libinternals,
     lib,
 )
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.internals import BlockPlacement
 from pandas._typing import (
     ArrayLike,
@@ -29,7 +30,6 @@
 )
 from pandas.errors import PerformanceWarning
 from pandas.util._decorators import cache_readonly
-from pandas.util._exceptions import find_stack_level
 from pandas.util._validators import validate_bool_kwarg
 
 from pandas.core.dtypes.cast import infer_dtype_from_scalar
diff --git a/pandas/core/ops/__init__.py b/pandas/core/ops/__init__.py
index e9fefd9268870..724e1007c9342 100644
--- a/pandas/core/ops/__init__.py
+++ b/pandas/core/ops/__init__.py
@@ -11,10 +11,10 @@
 
 import numpy as np
 
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.ops_dispatch import maybe_dispatch_ufunc_to_dunder_op
 from pandas._typing import Level
 from pandas.util._decorators import Appender
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.common import (
     is_array_like,
diff --git a/pandas/core/resample.py b/pandas/core/resample.py
index 8797324166745..dae5d932779e9 100644
--- a/pandas/core/resample.py
+++ b/pandas/core/resample.py
@@ -16,6 +16,7 @@
 import numpy as np
 
 from pandas._libs import lib
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.tslibs import (
     BaseOffset,
     IncompatibleFrequency,
@@ -44,7 +45,6 @@
     deprecate_nonkeyword_arguments,
     doc,
 )
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.generic import (
     ABCDataFrame,
diff --git a/pandas/core/reshape/concat.py b/pandas/core/reshape/concat.py
index 5328c7995ea6f..009a7d7e836ff 100644
--- a/pandas/core/reshape/concat.py
+++ b/pandas/core/reshape/concat.py
@@ -18,6 +18,7 @@
 
 import numpy as np
 
+from pandas._libs.exceptions import find_stack_level
 from pandas._typing import (
     Axis,
     HashableT,
@@ -26,7 +27,6 @@
     cache_readonly,
     deprecate_nonkeyword_arguments,
 )
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.concat import concat_compat
 from pandas.core.dtypes.generic import (
diff --git a/pandas/core/reshape/melt.py b/pandas/core/reshape/melt.py
index 5de9c8e2f4108..bfc190a070792 100644
--- a/pandas/core/reshape/melt.py
+++ b/pandas/core/reshape/melt.py
@@ -6,11 +6,11 @@
 
 import numpy as np
 
+from pandas._libs.exceptions import find_stack_level
 from pandas.util._decorators import (
     Appender,
     deprecate_kwarg,
 )
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.common import (
     is_extension_array_dtype,
diff --git a/pandas/core/reshape/merge.py b/pandas/core/reshape/merge.py
index 6ce5ffac9de52..fc57145c0e1a8 100644
--- a/pandas/core/reshape/merge.py
+++ b/pandas/core/reshape/merge.py
@@ -23,6 +23,7 @@
     join as libjoin,
     lib,
 )
+from pandas._libs.exceptions import find_stack_level
 from pandas._typing import (
     ArrayLike,
     DtypeObj,
@@ -35,7 +36,6 @@
     Appender,
     Substitution,
 )
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.cast import find_common_type
 from pandas.core.dtypes.common import (
diff --git a/pandas/core/series.py b/pandas/core/series.py
index 765bf9f7e04f1..165919076954d 100644
--- a/pandas/core/series.py
+++ b/pandas/core/series.py
@@ -30,6 +30,7 @@
     reshape,
     tslibs,
 )
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.lib import no_default
 from pandas._typing import (
     AggFuncType,
@@ -65,7 +66,6 @@
     deprecate_nonkeyword_arguments,
     doc,
 )
-from pandas.util._exceptions import find_stack_level
 from pandas.util._validators import (
     validate_ascending,
     validate_bool_kwarg,
diff --git a/pandas/core/strings/accessor.py b/pandas/core/strings/accessor.py
index d50daad9a22b1..baa6bc8eb6042 100644
--- a/pandas/core/strings/accessor.py
+++ b/pandas/core/strings/accessor.py
@@ -13,6 +13,7 @@
 
 import numpy as np
 
+from pandas._libs.exceptions import find_stack_level
 import pandas._libs.lib as lib
 from pandas._typing import (
     DtypeObj,
@@ -22,7 +23,6 @@
     Appender,
     deprecate_nonkeyword_arguments,
 )
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.common import (
     ensure_object,
diff --git a/pandas/core/tools/datetimes.py b/pandas/core/tools/datetimes.py
index 7ec4bc1016a9d..4391319bcc3fe 100644
--- a/pandas/core/tools/datetimes.py
+++ b/pandas/core/tools/datetimes.py
@@ -20,6 +20,7 @@
 import numpy as np
 
 from pandas._libs import tslib
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.tslibs import (
     OutOfBoundsDatetime,
     Timedelta,
@@ -42,7 +43,6 @@
     Timezone,
     npt,
 )
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.common import (
     ensure_object,
diff --git a/pandas/core/window/common.py b/pandas/core/window/common.py
index e31b5c60a37ee..d5ac8749f9f4a 100644
--- a/pandas/core/window/common.py
+++ b/pandas/core/window/common.py
@@ -7,7 +7,7 @@
 
 import numpy as np
 
-from pandas.util._exceptions import find_stack_level
+from pandas._libs.exceptions import find_stack_level
 
 from pandas.core.dtypes.generic import (
     ABCDataFrame,
diff --git a/pandas/core/window/ewm.py b/pandas/core/window/ewm.py
index 020ca71050015..1bbc269be4a2e 100644
--- a/pandas/core/window/ewm.py
+++ b/pandas/core/window/ewm.py
@@ -22,9 +22,9 @@
     from pandas import DataFrame, Series
     from pandas.core.generic import NDFrame
 
+from pandas._libs.exceptions import find_stack_level
 from pandas.compat.numpy import function as nv
 from pandas.util._decorators import doc
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.common import (
     is_datetime64_ns_dtype,
diff --git a/pandas/core/window/rolling.py b/pandas/core/window/rolling.py
index 84915e2f52f17..0ddc7b09181c4 100644
--- a/pandas/core/window/rolling.py
+++ b/pandas/core/window/rolling.py
@@ -20,6 +20,7 @@
 
 import numpy as np
 
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.tslibs import (
     BaseOffset,
     to_offset,
@@ -36,7 +37,6 @@
 from pandas.compat.numpy import function as nv
 from pandas.errors import DataError
 from pandas.util._decorators import doc
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.common import (
     ensure_float64,
diff --git a/pandas/io/common.py b/pandas/io/common.py
index d911499aa848e..b73bbc539d5f7 100644
--- a/pandas/io/common.py
+++ b/pandas/io/common.py
@@ -45,6 +45,7 @@
 import warnings
 import zipfile
 
+from pandas._libs.exceptions import find_stack_level
 from pandas._typing import (
     BaseBuffer,
     CompressionDict,
@@ -57,7 +58,6 @@
 from pandas.compat import get_lzma_file
 from pandas.compat._optional import import_optional_dependency
 from pandas.util._decorators import doc
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.common import (
     is_bool,
diff --git a/pandas/io/date_converters.py b/pandas/io/date_converters.py
index 85e92da8c2a54..c12f5a62624c8 100644
--- a/pandas/io/date_converters.py
+++ b/pandas/io/date_converters.py
@@ -5,9 +5,9 @@
 
 import numpy as np
 
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.tslibs import parsing
 from pandas._typing import npt
-from pandas.util._exceptions import find_stack_level
 
 
 def parse_date_time(date_col, time_col) -> npt.NDArray[np.object_]:
diff --git a/pandas/io/excel/_base.py b/pandas/io/excel/_base.py
index 44152f100d390..1ed4251723404 100644
--- a/pandas/io/excel/_base.py
+++ b/pandas/io/excel/_base.py
@@ -25,6 +25,7 @@
 
 from pandas._config import config
 
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.parsers import STR_NA_VALUES
 from pandas._typing import (
     DtypeArg,
@@ -44,7 +45,6 @@
     deprecate_nonkeyword_arguments,
     doc,
 )
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.common import (
     is_bool,
diff --git a/pandas/io/formats/style.py b/pandas/io/formats/style.py
index 9e3f54169d178..be2c5ab6494c2 100644
--- a/pandas/io/formats/style.py
+++ b/pandas/io/formats/style.py
@@ -21,6 +21,7 @@
 from pandas._config import get_option
 
 from pandas._libs import lib
+from pandas._libs.exceptions import find_stack_level
 from pandas._typing import (
     Axis,
     FilePath,
@@ -37,7 +38,6 @@
     Substitution,
     doc,
 )
-from pandas.util._exceptions import find_stack_level
 
 import pandas as pd
 from pandas import (
diff --git a/pandas/io/parsers/base_parser.py b/pandas/io/parsers/base_parser.py
index 531fa5400f466..0029c85aaab23 100644
--- a/pandas/io/parsers/base_parser.py
+++ b/pandas/io/parsers/base_parser.py
@@ -24,6 +24,7 @@
 
 import numpy as np
 
+from pandas._libs.exceptions import find_stack_level
 import pandas._libs.lib as lib
 import pandas._libs.ops as libops
 import pandas._libs.parsers as parsers
@@ -38,7 +39,6 @@
     ParserError,
     ParserWarning,
 )
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.astype import astype_nansafe
 from pandas.core.dtypes.common import (
diff --git a/pandas/io/parsers/c_parser_wrapper.py b/pandas/io/parsers/c_parser_wrapper.py
index 711d0857a5a1c..489e715fa7340 100644
--- a/pandas/io/parsers/c_parser_wrapper.py
+++ b/pandas/io/parsers/c_parser_wrapper.py
@@ -11,6 +11,7 @@
 
 import numpy as np
 
+from pandas._libs.exceptions import find_stack_level
 import pandas._libs.parsers as parsers
 from pandas._typing import (
     ArrayLike,
@@ -19,7 +20,6 @@
     ReadCsvBuffer,
 )
 from pandas.errors import DtypeWarning
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.common import (
     is_categorical_dtype,
diff --git a/pandas/io/parsers/python_parser.py b/pandas/io/parsers/python_parser.py
index 3e897f9b1334e..7b2bb9efe36c3 100644
--- a/pandas/io/parsers/python_parser.py
+++ b/pandas/io/parsers/python_parser.py
@@ -23,6 +23,7 @@
 
 import numpy as np
 
+from pandas._libs.exceptions import find_stack_level
 import pandas._libs.lib as lib
 from pandas._typing import (
     ArrayLike,
@@ -33,7 +34,6 @@
     EmptyDataError,
     ParserError,
 )
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.common import is_integer
 from pandas.core.dtypes.inference import is_dict_like
diff --git a/pandas/io/parsers/readers.py b/pandas/io/parsers/readers.py
index dc4556542d8e2..6cfa41af98c3c 100644
--- a/pandas/io/parsers/readers.py
+++ b/pandas/io/parsers/readers.py
@@ -21,6 +21,7 @@
 
 import numpy as np
 
+from pandas._libs.exceptions import find_stack_level
 import pandas._libs.lib as lib
 from pandas._libs.parsers import STR_NA_VALUES
 from pandas._typing import (
@@ -40,7 +41,6 @@
     Appender,
     deprecate_nonkeyword_arguments,
 )
-from pandas.util._exceptions import find_stack_level
 from pandas.util._validators import validate_bool_kwarg
 
 from pandas.core.dtypes.common import (
diff --git a/pandas/io/pytables.py b/pandas/io/pytables.py
index a4049eff8ae71..4c913bfdafd0f 100644
--- a/pandas/io/pytables.py
+++ b/pandas/io/pytables.py
@@ -39,6 +39,7 @@
     lib,
     writers as libwriters,
 )
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.tslibs import timezones
 from pandas._typing import (
     AnyArrayLike,
@@ -58,7 +59,6 @@
     PossibleDataLossError,
 )
 from pandas.util._decorators import cache_readonly
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.common import (
     ensure_object,
diff --git a/pandas/io/sql.py b/pandas/io/sql.py
index 086a60774ac4e..bd672c774652f 100644
--- a/pandas/io/sql.py
+++ b/pandas/io/sql.py
@@ -24,6 +24,7 @@
 
 import numpy as np
 
+from pandas._libs.exceptions import find_stack_level
 import pandas._libs.lib as lib
 from pandas._typing import (
     DateTimeErrorChoices,
@@ -34,7 +35,6 @@
     AbstractMethodError,
     DatabaseError,
 )
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.common import (
     is_datetime64tz_dtype,
diff --git a/pandas/plotting/_matplotlib/tools.py b/pandas/plotting/_matplotlib/tools.py
index a8b1e4c572c43..48f5ce4e1c969 100644
--- a/pandas/plotting/_matplotlib/tools.py
+++ b/pandas/plotting/_matplotlib/tools.py
@@ -13,7 +13,7 @@
 import matplotlib.ticker as ticker
 import numpy as np
 
-from pandas.util._exceptions import find_stack_level
+from pandas._libs.exceptions import find_stack_level
 
 from pandas.core.dtypes.common import is_list_like
 from pandas.core.dtypes.generic import (
diff --git a/pandas/tseries/frequencies.py b/pandas/tseries/frequencies.py
index b2fbc022b2708..ab8bd6af40786 100644
--- a/pandas/tseries/frequencies.py
+++ b/pandas/tseries/frequencies.py
@@ -5,6 +5,7 @@
 import numpy as np
 
 from pandas._libs.algos import unique_deltas
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.tslibs import (
     Timestamp,
     get_unit_from_dtype,
@@ -32,7 +33,6 @@
 from pandas._libs.tslibs.parsing import get_rule_month
 from pandas._typing import npt
 from pandas.util._decorators import cache_readonly
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.common import (
     is_datetime64_dtype,
diff --git a/pandas/util/_decorators.py b/pandas/util/_decorators.py
index f8359edaa8d44..385e5594dac13 100644
--- a/pandas/util/_decorators.py
+++ b/pandas/util/_decorators.py
@@ -11,12 +11,12 @@
 )
 import warnings
 
+from pandas._libs.exceptions import find_stack_level
 from pandas._libs.properties import cache_readonly
 from pandas._typing import (
     F,
     T,
 )
-from pandas.util._exceptions import find_stack_level
 
 
 def deprecate(
diff --git a/pandas/util/_exceptions.py b/pandas/util/_exceptions.py
index c718451fbf621..24d0b11bb8f67 100644
--- a/pandas/util/_exceptions.py
+++ b/pandas/util/_exceptions.py
@@ -1,8 +1,6 @@
 from __future__ import annotations
 
 import contextlib
-import inspect
-import os
 from typing import Iterator
 
 
@@ -23,27 +21,3 @@ def rewrite_exception(old_name: str, new_name: str) -> Iterator[None]:
             args = args + err.args[1:]
         err.args = args
         raise
-
-
-def find_stack_level() -> int:
-    """
-    Find the first place in the stack that is not inside pandas
-    (tests notwithstanding).
-    """
-
-    import pandas as pd
-
-    pkg_dir = os.path.dirname(pd.__file__)
-    test_dir = os.path.join(pkg_dir, "tests")
-
-    # https://stackoverflow.com/questions/17407119/python-inspect-stack-is-slow
-    frame = inspect.currentframe()
-    n = 0
-    while frame:
-        fname = inspect.getfile(frame)
-        if fname.startswith(pkg_dir) and not fname.startswith(test_dir):
-            frame = frame.f_back
-            n += 1
-        else:
-            break
-    return n
diff --git a/pandas/util/_validators.py b/pandas/util/_validators.py
index a4a9ebfbf4126..ba763623cea35 100644
--- a/pandas/util/_validators.py
+++ b/pandas/util/_validators.py
@@ -15,8 +15,8 @@
 
 import numpy as np
 
+from pandas._libs.exceptions import find_stack_level
 from pandas._typing import IntervalInclusiveType
-from pandas.util._exceptions import find_stack_level
 
 from pandas.core.dtypes.common import (
     is_bool,
diff --git a/pandas/util/testing.py b/pandas/util/testing.py
index db9bfc274cd78..893fcf77f796d 100644
--- a/pandas/util/testing.py
+++ b/pandas/util/testing.py
@@ -1,6 +1,6 @@
 import warnings
 
-from pandas.util._exceptions import find_stack_level
+from pandas._libs.exceptions import find_stack_level
 
 from pandas._testing import *  # noqa:F401,F403,PDF014
 
diff --git a/setup.py b/setup.py
index 70adbd3c083af..5682ebf4c662f 100755
--- a/setup.py
+++ b/setup.py
@@ -445,6 +445,7 @@ def srcpath(name=None, suffix=".pyx", subdir="src"):
     },
     "_libs.arrays": {"pyxfile": "_libs/arrays"},
     "_libs.groupby": {"pyxfile": "_libs/groupby"},
+    "_libs.exceptions": {"pyxfile": "_libs/exceptions"},
     "_libs.hashing": {"pyxfile": "_libs/hashing", "depends": []},
     "_libs.hashtable": {
         "pyxfile": "_libs/hashtable",