In this theoretical paper, we argue that ESE is caught between the existential dimension of its content and the instrumentalisation of the education system in which it operates. We argue that the tension between the existential dimension and instrumentalism manifests in five aspects of ESE, which direct ESE in profoundly different directions. We build our understanding of the existential dimension in ESE on Karl Jaspers’ (1883–1969) existential philosophy and prior research on the existential dimension in ESE. Drawing on a theoretical foundation from existential philosophy, we outline what it might mean when ESE teaching content becomes the student’s own existential question. Our view of instrumentalism in ESE is informed by recent work within educational philosophy on instrumentalism in education. The five aspects of ESE where the tension between the existential dimension and instrumentalism manifests are: (i) the aim of education, (ii) the role of knowledge, (iii) the role of students’ prior experiences, (iv) the role of emotions and (v) the role of time. In our closing discussion, we address the possibilities of making room for the existential dimension of ESE teaching content, given the dominant, and possibly hegemonic, position of instrumentalism in education today.