Sometimes simple effects are that, simple. You can create binoculars only with two elliptical masks, an animated blur, and a camera shake.
To spice up the comp a little, I explain in this tutorial the instance copy and create an expression on the center variable of the ellipse. This is optional for making the effect work, but adjusting the shape of the binoculars becomes easier this way.
For more creative examples of the camera shake, feel free to watch last weeks tutorial on the topic as well.