We obtain two formulae for the higher Frobenius-Schur indicators: one for a spherical fusion category in terms of the twist of its center and the other one for a modular tensor category in terms of its twist. The first one is a categorical generalization of an analogous result by Kashina, Sommerhauser, and Zhu for Hopf algebras, and the second one extends Bantay's 2nd indicator formula for a conformal field theory to higher degree. These formulae imply the sequence of higher indicators of an object in these categories is periodic. We define the notion of Frobenius-Schur (FS-)exponent of a pivotal category to be the global period of all these sequences of higher indicators, and we prove that the FS-exponent of a spherical fusion category is equal to the order of the twist of its center. Consequently, the FS-exponent of a spherical fusion category is a multiple of its exponent by a factor not greater than 2. As applications of these results, we prove that the FS-exponent of a semisimple quasi-Hopf algebra H has the same set of prime divisors as of dim(H) and it divides dim(H)^4. In addition, if H is a group-theoretic quasi-Hopf algebra, the FS-exponent of H divides dim(H)^2, and this upper bound is shown to be tight.